AngioDynamics (NASDAQ:ANGO) executives used a conference presentation hosted by J.P. Morgan to outline the company’s multi-year portfolio transformation, highlight growth drivers across four key products, and discuss financial progress and near-term priorities. CEO Jim Clemmer and CFO Stephen Trowbridge also addressed Clemmer’s planned retirement later this calendar year and how the company expects to manage leadership transition.
Portfolio transformation and operating structure
Clemmer said AngioDynamics has worked over roughly the past five years to refresh its portfolio, moving from a legacy interventional radiology focus toward what management describes as a more science-driven “MedTech” portfolio aimed at larger, faster-growing addressable markets. He said the company completed three divestitures to exit businesses it viewed as slow-growth, undifferentiated, or more commodity-like.
- MedTech, described as the company’s growth-focused future
- MedDevice, described as a legacy foundation the company “kept” in areas it believes can still perform competitively
Clemmer said the company focuses primarily on two disease states—cardiovascular disease and solid tumor cancer—describing them as leading causes of global mortality.
Growth platforms: PAD, PE/right heart, and prostate cancer
In peripheral arterial disease (PAD), Clemmer highlighted Auryon, a laser-based atherectomy platform launched in September 2020. He said the product grew from zero revenue at launch to “well over $60 million” of revenue this year, driven by organic growth and share gains against five established competitors. Clemmer attributed adoption to the product’s ability to use laser energy via disposable catheters to address calcification and plaque above and below the knee and to treat in-stent restenosis.
He also said Auryon is up nearly 20% year-to-date through the company’s first two fiscal quarters and described a commercial mix that has evolved from office-based labs early in the launch—during the COVID period—to increased hospital traction more recently, which he linked to higher average selling prices, reimbursement, and gross margins.
In venous thromboembolism (VTE), the company is targeting pulmonary embolism (PE) through AlphaVac, which Clemmer said was built off the company’s AngioVac platform. He described AngioVac as a large-bore catheter system with a vortex funnel tip that connects to a reinfusion system used in hospitals to remove clot burden while returning blood safely to patients during complex procedures. AlphaVac, he said, received an on-label PE indication about 18 months ago, and the company is now competing in the PE market.
Clemmer positioned AlphaVac as a differentiated design featuring an 18-French catheter and a 32-French funnel tip intended to capture more clot while protecting the vessel wall, along with a purpose-built handle aimed at giving physicians control, improving maneuverability, and limiting blood loss. He cited results from the APEX PE study, which he said followed the same protocol used by competing studies and showed stronger clot reduction performance.
Management also described the PE market as early in its penetration curve. Clemmer said that, collectively, AngioDynamics and two competitors are “probably only about 15% penetrated” in the potential total addressable market, and he framed market development as a continuing opportunity, including conversion away from lytic-based therapies.
In oncology, Clemmer highlighted NanoKnife, based on irreversible electroporation (IRE), which uses electrical energy delivered through probes placed around tumors to create cell wall disruption and destroy targeted tissue while preserving surrounding structures. He said the product has been used primarily for liver and pancreatic cancers but emphasized intermediate-risk prostate cancer as a key application because it can provide a focal option intended to reduce risks of incontinence and impotence compared with radical prostatectomy.
Clemmer said the company sponsored the PRESERVE study under a newer FDA pathway and received an on-label prostate cancer indication in December 2024. He also said AngioDynamics received a CPT-1 code effective January 1, approved about two weeks prior to the presentation, enabling reimbursement support. Management said the company is now shifting toward education and awareness efforts for patients and urologists, noting a full-page AARP advertisement that generated interest and that NanoKnife was recognized by Time Magazine as one of the “top 25 medical inventions” this year.
Pipeline and market expansion opportunities
Looking beyond currently marketed products, Clemmer said AngioDynamics expects its existing platforms to generate “spin-off” opportunities over the next five years, with less need to rely on mergers and acquisitions for growth.
He provided several examples of potential total addressable market expansion:
- NanoKnife into benign prostatic hyperplasia (BPH): Clemmer said physicians have reported that prostate cancer treatment with NanoKnife also reduced BPH symptoms by shrinking the prostate, prompting the company to evaluate entry into what he described as a larger market than intermediate-risk prostate cancer.
- Thrombectomy expansion into DVT: Management described deep vein thrombosis (DVT) as the other major segment of VTE and said AngioDynamics has two internal R&D teams pursuing approaches, effectively an internal “bake-off,” to determine which solution to bring forward.
- Auryon potential into coronary disease: Clemmer said the coronary market is larger than PAD and suggested it may not require substantial R&D to pursue a coronary indication.
Financial profile, guidance, and capital allocation
Trowbridge said the company’s MedTech products have delivered about a 25% compound annual growth rate over the past five years and that management expects growth to continue, with particular near-term momentum expected in mechanical thrombectomy and potential acceleration from NanoKnife following reimbursement progress.
On profitability, Trowbridge said prior divestitures reduced EBITDA but were timed to strengthen the balance sheet, leaving the company with zero debt and a net cash position. He said AngioDynamics generated positive adjusted EBITDA last year and expects to build on that this year, with management projecting the company will be cash-flow positive in the fiscal year ending May 31, 2026 and then “cash sustaining” heading into fiscal 2027.
He noted first-half EBITDA performance exceeded expectations, though he cautioned that the pace in the back half may moderate due to planned investments, including funding new studies and expanding commercial resources. Trowbridge said the thrombectomy sales force increased from 40 representatives last year to 50 this year, with further additions planned, and said the company also plans to add oncology commercial resources as it expands in prostate cancer.
On portfolio management, both executives said they see significant internal opportunities and do not expect substantial M&A in the next couple of years. However, they said additional portfolio optimization remains possible as MedTech becomes a larger share of the business.
Trowbridge said MedTech products represented about 17% of revenue when the transformation began and are now over 45%, with expectations that they could exceed 50% by fiscal 2027. He said that as MedTech reaches greater scale and profitability, legacy MedDevice assets may become less imperative to own, though he also noted the MedDevice segment helps provide earnings and cash that support MedTech investment.
CEO retirement and leadership transition
Clemmer said he plans to retire later this calendar year after 35 years in the industry and nearly 10 years at AngioDynamics, citing a desire to focus on family obligations and personal interests. He emphasized he intends to remain at the helm during the search process and said he expects to stay involved as a large shareholder and advisor after stepping down.
He said the timing was based on his personal circumstances and that he felt better making the decision after recent execution and results, which he described as a pattern over multiple quarters of meeting or beating expectations while continuing the transformation. Management said the company will conduct a deliberate search and consider both internal and external candidates, with no rush to finalize the appointment.
About AngioDynamics (NASDAQ:ANGO)
AngioDynamics, Inc is a medical technology company headquartered in Latham, New York, that develops, manufactures and markets a broad range of minimally invasive medical devices. The company’s products focus on three core areas: vascular access, peripheral vascular intervention and interventional oncology. Its solutions are designed to improve procedural outcomes, reduce complications and enhance patient comfort in hospital and outpatient settings.
In the vascular access segment, AngioDynamics offers a portfolio of devices including implanted ports, peripherally inserted central catheters (PICCs), hemodialysis catheters and specialty blood management products.
